Cryptocurrencies’ popularity is causing more and more companies to jump on board with the hope of keeping up with the competition. PayPal is one example of a digital payments company that has been allowing crypto for almost a year but continues to make changes to improve customer satisfaction.
To broaden the level of flexibility users have, PayPal is increasing the amount of cryptocurrency that users can purchase at a time. Previously, PayPal limited the number of digital assets that users can buy per week to $20,000 which many users were not pleased about. They have recently announced that they are upping this amount — not just a little bit, but a lot. The new amount that users can buy per week is $100,000, up five times the previous amount. In addition, they are removing their annual purchase limit of $50,000 entirely, opening the door for customers to make purchases however large or small they wish.
PayPal as a whole is famous in the fintech world, as it is one of the world’s first fintech companies. PayPal was established back in 1998 in California as a secure software for financial transactions on personal devices. The company changed its name to PayPal in 2000 when Elon Musk initiated the merger between Confinity and X.com, his personal banking company. Competition has gotten more extreme with the emergence of many fintech companies, while PayPal has continued to be a global fintech giant.
The company began letting users buy cryptocurrencies back in October of 2020. To broaden user options, its mobile payments app, Venmo, later added the ability for users to buy bitcoin, ether, bitcoin, and bitcoin cash. Venmo has been a major source of profit for the company as it accounted for $51 billion of the total $285 billion in total payment volume.
Customers are also becoming more pleased with Venmo in particular as it improves its safety. Venmo has recently become more private, but not completely as there is still no privacy by default. The company has redesigned its app with a feature to shut down its global social feed where transactions from around the world are published. This is one of the first steps to resolving the very prominent privacy issue of digital transactions.
As the competition gets tougher in the fintech world, it will be harder for fintech giants to continue their reign. Will PayPal’s changes prevent them from being outshined by others?